Perry County Property Reassessment
Dear Newport Residents/Homeowners,
We hope this message finds you well. We are writing to inform you about property tax reassessment recently conducted by Perry County. This reassessment may affect the assessed value of your property and, in turn, your future school property tax bill. Please see the below letter with important information about the assessment process.
How can a reassessment impact my property taxes?
The below illustration provides examples of properties and how their individual tax liabilities may change after a reassessment. Some homeowners may see an increase, decrease, or no change in their property tax bill, depending on how their property's new value compares to the average change across the school district.
A higher property value does not automatically mean a higher tax bill. State law (Act 1) and other local tax regulations require school districts to adjust their tax rates (known as the "millage rate") to remain revenue neutral after a reassessment. This means that if all property value assessments increase, the millage rate will be reduced accordingly. Once the base millage rate is established, school districts then follow the normal budget process and the millage rate may then be increased within limits.
The below example is for illustrative purposes only and does not reflect actual Newport School District data. In this instance, even though all property values increased, the actual tax liability change varies due to the relative changes to other district property values, with Property #1 experiencing a decrease in tax liability, Property #2 experiencing no change in tax liability, and Property #3 experiencing an increase in tax liability. This example would illustrate a base millage rate change, though the millage rate could then be adjusted as part of the normal budget process.
